60 Million XRP Transferred to Top Exchanges as Selling Pressure Mounts

Over 60 million XRP tokens have been transferred to top exchanges, sparking concern as whales increase selling pressure. XRP has seen an 11.59% price drop in the last 24 hours, raising fears of further decline if the trend continues.

The market situation for XRP has become increasingly worrisome as significant selling pressure has pushed the coin’s price into a steep decline. XRP is currently one of the worst-performing cryptocurrencies, experiencing a notable price drop compared to Bitcoin and other major tokens.

Crypto tracking service Whale Alert has flagged three major XRP transfers totaling 60 million tokens to top crypto exchanges, suggesting that large investors are offloading their holdings, further intensifying the bearish sentiment surrounding XRP. As of this writing, the price of XRP is down by 11.59% in the last 24 hours, trading at $0.5177.

Whale Activity

The first transfer occurred when a significant investor moved 17.94 million XRP tokens, worth approximately $10.2 million, from a private wallet to Bitstamp. This large transaction raised concerns about increased selling pressure in the market.

Shortly afterward, Whale Alert detected another substantial transaction of 22 million XRP tokens valued at around $11.7 million, this time transferred to Bitso, another major exchange.

Finally, the third transfer saw 20 million XRP tokens, worth approximately $10.7 million, sent to Binance. Collectively, these three transfers amounted to roughly 60 million XRP, valued at $32.6 million.

The influx of XRP into exchanges is often seen as a precursor to significant sell-offs, and the current market behavior suggests that the whales behind these transactions may be preparing to liquidate large portions of their holdings.

Price Impact

As the whales offload their XRP holdings, the market has reacted with a sharp decline in price. XRP has struggled to maintain its value, falling by 11.59% over the last 24 hours. The current price of $0.5177 indicates continued downward pressure, with fears of further price drops if the selling trend persists.

The Road Ahead for XRP

The current bearish sentiment poses a challenge for XRP, as whales continue to offload their holdings onto the market. If this trend of large-scale selling continues, the coin’s price could suffer further, potentially triggering a prolonged bearish phase for the Ripple-associated asset.

Investors will be closely monitoring whale movements and the overall market sentiment to assess the future trajectory of XRP. For now, the focus remains on whether the market can absorb these significant sales without spiraling into deeper losses.

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